If my spouse dies, am I responsible for the unpaid taxes
Wolf Tax - Tax Blog
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1y ago
Here is what you can do if your spouse dies and you owe the IRS back taxes Because each spouse is jointly and severally liable for taxes when they file a combined return, the death of one spouse should have no effect on the surviving spouse's tax liability. In other words, when you file a tax return, you owe on your own and together with the person you file a return with. The executor of the deceased spouse's estate is responsible for submitting final tax returns after the deceased spouse's death, and the IRS may attempt to collect any unpaid taxes owed out of the deceased spouse's estate fir ..read more
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3 Ways to find out if you have an IRS tax problem
Wolf Tax - Tax Blog
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1y ago
Do you think you have back taxes that you owe the IRS, but aren't sure where to start? Here is what you should do. 1.    Check your Mail The IRS sends out a lot of mail. Including missing returns, balances due, yearly balance reminders and more. If you are not getting any mail, either you don’t have an IRS tax issue or they don’t have your address on file. If you believe you owe the IRS money and you aren’t receiving any mail, use either of the next two approaches. 2.    Go to IRS.gov  The IRS offers an online tool to each and every taxpayer. The IRS tool is a great way ..read more
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6 Reasons Why You Should Choose Direct Deposit for Your Refund in 2022
Wolf Tax - Tax Blog
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1y ago
When you file your taxes, you have options on how to receive your refund. The best way to get it is by direct deposit. Eight out of 10 taxpayers get their refunds by direct deposit. Here are six good reasons why you should do the same in 2022: IRS Direct Deposit: 1. IT'S FAST The fastest way to get your refund is to electronically file your federal tax return and use direct deposit. Use IRS Free File to prepare and e-file your federal return for free. You can still use direct deposit even if you file a paper tax return. You Can pay your IRS Taxes Here . 2. IT'S SECURE Since your refund goe ..read more
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Why Am I Being Audited?
Wolf Tax - Tax Blog
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1y ago
An IRS audit is something that most people hate thinking about and want absolutely nothing to do with it. However, even if you file on time and make the payments as you are supposed to, the IRS has the right to review your return and validate that what you filed is true and accurate. An audit does not imply that you will be in trouble or have to pay extra money down the road. To avoid this, it's crucial to keep in mind that the IRS has a number of red flags it might use to initiate an audit. You can lessen the likelihood of getting audited. Mistakes: If you file the return on your own using ..read more
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You Gotta Fight For Your Right Against the IRS
Wolf Tax - Tax Blog
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1y ago
You As a Taxpayer Has Rights When it Comes to the IRS The Beastie Boys have famously claimed "You Gotta Fight for Your Right to Party," however in this case with the IRS you don't have to fight for your rights. Every single taxpayer in this country has a set of fundamental rights they should be aware of when dealing with the IRS. Here is a guide to those rights and if they are ever infringed upon, make sure to take a stand. To view IRS Publication 1 in full click here . The Right to Be Informed As a taxpayer the IRS must keep them informed as to what they need to do to comply with the tax ..read more
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The Truth About the IRS Fresh Start Program 2022
Wolf Tax - Tax Blog
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1y ago
I know you have heard the commercials "Call us now, the IRS "Fresh Start" program can help you!" The IRS implemented the Fresh Start program to help taxpayers who were struggling to pay their back taxes that they owed. But what is the IRS "Fresh Start" program. In Simple terms, the Fresh Start Program is not a program, but expanded already in place IRS settlement procedures. It expanded existing programs such as the  Installment Agreement  or the  Offer in Compromise  (OIC). This program was a huge win for the taxpayer and should be applauded for the changes that it made ..read more
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Best Tips and Tricks to Save Truck Drivers Money
Wolf Tax - Tax Blog
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1y ago
Make a Budget and Stick to It As a truck driver, we know it's nearly impossible to stick to a budget. Your truck might break down, your routes have been cancelled or gas prices might skyrocket. However, a budget is going to make it so much easier to avoid having to deal with the IRS or any other creditor ever again. It will also ensure you save money for the future. We specialize in helping truck drivers with their goals and making plans so they can achieve them. Get an App to help with Mileage The best way to save time and money is to download and use apps. This technology is changing the g ..read more
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Celebrity Tax Problems - Billionaire Robert Smith Evades Taxes
Wolf Tax - Tax Blog
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1y ago
Billionaire Robert Smith Signs Non-Prosecution Agreement for the Amount of $139 Million. Robert Smith has been called a brilliant investor who made Vista Equity Partners into the Private Equity giant it is. You might remember Mr. Smith from his commencement speech at Morehouse College, where he generously promised to pay off the entire graduating class student debt. Even with his incredible generosity and philanthropy, the federal government was on to him. Claiming he has concealed income and evaded taxes for over 15 years by using foreign trusts, corporations and bank accounts to cheat the ..read more
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Largest IRS Tax Scandal Ever
Wolf Tax - Tax Blog
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1y ago
Robert Brockman charged in a $2 billion tax fraud scheme. The Feds have brought a 39-count indictment against Robert Brockman, that is the largest in US history. Mr. Brockman is the CEO and Chairman of the Reynolds and Reynolds Company . Reynolds and Reynolds is one of the largest automotive retailers in the country. The charges include conspiracy, tax evasion, failing to file foreign bank account reports, wire fraud, money laundering, evidence tampering and destruction of evidence. This encompasses pretty much anything and everything you can do to defraud the government. What Mr. Brockman ..read more
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Celebrity Tax Problems - How President Donald Trump Pays Less Taxes
Wolf Tax - Tax Blog
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1y ago
President Trump's Tax Return Raises a Lot of Questions, Learn How He Owed So Little Money Over the weekend, The New York Times released the findings of a very deep and lengthy investigation into Donald Trump and his tax returns. They determined that Trump paid very little, if anything over the past decade in taxes. Not only that, he had huge refunds for other years. As a tax  attorney my goal is to help my clients realize all the expenses they can validly claim under the current tax code . It's not for me to say whether his deductions are right or wrong. However, I want to point out what ..read more
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